New York Online Sports Betting: A Financial Juggernaut

Aaron Judge #99 of the New York Yankees jogs to first. Sarah Stier/Getty Images/AFP

It’s been five months since mobile sports betting arrived in New York, and the state’s tax revenues have already generated $270 million. $263 million of said revenue stemmed from wagers placed on mobile devices, and the rest came from sports betting at physical casinos

The Sports Betting Capital of the World  

Gary Pretlow, the chairman of the Assembly Committee on Racing and Wagering, commented, “Back in March, I was quoted as saying, ‘We are well on the way to being the sports betting capital of the world.’ Mobile sports betting is an economic engine for New York. I am ecstatic with the revenue that has been generated for education, youth sports and problem gambling.” 

The $270 million generated in a five-month span is significantly higher than what other states have witnessed, and it’s awe-inspiring on New York’s behalf as most of these states were active long before the Big Apples’ arrival on the market. 

Pennsylvania has generated $253 million in sports-betting revenue, and New Jersey has seen $229 million since June 2018, considerably lower than what New York has achieved in a mere five months

“In less than half a year, New York has become a leader among states in implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers,” commented Gov. Kathy Hochul. “I am committed to upholding responsible and effective gaming policies that will move the industry forward and continue to drive our state’s economic growth.”

Taxes from mobile sports betting are directed to help elementary and secondary education and provide grants for youth sports programming, including problem gambling prevention, treatment and recovery. 

Operators Revenues Excel 

BetMGM reported a $142,155,809 handle from New Yorkers in the month of April 2022 alone. FanDuel reported $114,113,943 for the week ending May 22, where 51% of that handle went to the state of New York

DraftKings saw $64,150,552 from the week ending May 22, and Caesars Sportsbook had a handle of $40,617,910 for the same month. 

Joseph P. Addabbo Jr., the chairman of the Senate Racing, Gaming and Wagering Committee, commented, “New Yorkers have proven that they’re ready for sports betting, including its mobile component, and we are no longer the broken-down, wobbly-wheeled car in the right lane watching other states pass us by, but are now the shiny, revved-up sports car in the left lane passing every else by.

The fact that we have already surpassed all other states in revenue in less than six months is a testament to qualify of the dedicated work to provide a credible product for the residents of New York. I look forward to an even brighter future for sports betting, working towards realizing even more funding and jobs for our state through gaming.”